Reduced chances of crash?

The Magnificent Seven have already experienced meaningful drawdowns from their all-time highs. Microsoft and Meta are down roughly 30%, while the remaining companies are generally 15–20% below their peaks. Assuming earnings have continued to grow or remain relatively resilient, valuation multiples should be less extended than they were at the height of AI enthusiasm. Given this, has the probability of a major AI-driven market correction declined? Many investors still argue that an AI bubble will unwind over the next one to two years, but is it possible that a substantial portion of that repricing has already occurred? In other words, have lower prices and improved fundamentals already absorbed much of the speculative excess, or do current valuations still imply elevated downside risk? I’m looking for analysis based on valuations, earnings expectations, historical comparisons, and market concentration rather than simple forecasts.